Mkombozi Bank shows strong growth, revenues up 69%

Mkombozi Commercial Bank (DSE: MKCB) audited financial results for 2014 recently released, show strong year on year results.

Interest income on 31st December 2014 reached 12.74bn/- versus 7.53 on 31st December 2014, resulting in growth of 69%.

In 2014 operating income before tax reached 2.5bn/- versus 343m/- in 2013 (+631%) and net income after tax reached 1.6bn/- versus 119m/- (+1,286%).

Edwina Lupembe (speaking), Managing Director of Mkombozi Commercial Bank, explained to TanzaniaInvest.com that "Strong growth in both revenue and profits is explained by growth in deposits and capital. 

"Diligent utilization of both deposits and capital fund for lending and proper investment business is the basis for success. We generated a total of 12bn/- interest income from our loan book and treasury dealings. Capital grew from 11bn/- to 20bn/- out of two programs ie Rights issues and IPO."

Operating expenses were well controlled, Lupembe indicated.

MKCB listed on the Enterprise Growth Market (EGM) Segment of the Dar es Salaam Stock Exchange (DSE) in November 2014.

Current trading price is 1,250/- per share, versus an initial listing share price of 1,000/-.
Source: TanzaniaInvest, reported from Dar es Salaam, Tanzania
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